Misys (LSE: MSY), the global application software and services company, today announces that Bank of Cyprus, the leading Cypriot banking and financial services group, selected Misys Equation for its enterprise-wide core banking system.
Bank of Cyprus is consolidating all information technology systems under a common IT platform with the goal of decreasing the cost of maintenance and operational support of its IT infrastructure. The solution from Misys will be at the core of this "1bank" concept, enabling the bank to consolidate its core banking systems into one, reducing costs and improving efficiencies. It will also allow the bank to expand more rapidly into new territories in the future. Central to the choice for the bank was Misys Equation's ability to increase control of the systems in place, while reducing the overall cost of maintenance and support of the infrastructure.
Bank of Cyprus has a stated strategy to maintain its leading position in all sectors and continue to expand its business outside Greece, Cyprus, Australia and the UK, developing its international business in Russia, Ukraine and Romania. Misys Equation's proven track record around the globe and particularly in those countries which are target markets for the bank's future expansion was crucial in the agreement.
"One of our strategic priorities is to consolidate our presence in our main markets and widen our global footprint, specifically in Russia, Ukraine and Romania," states Leonidas Isodiou, General Manager, Group Information Technology and Organisation & Methods, Bank of Cyprus. "Misys has clear expertise in helping international banks like us to manage their growth and maintain the high level of service our customers expect. We see Misys as a strategic partner and are excited by the business plans the company has shared with us and the strategy and future roadmap of BankFusion Equation."
Misys Equation has the flexibility to support the bank's goal of quick deployment into new markets with an already proven standard "1bank" model. Another key influence on the decision to put the bank's trust in the expertise and solution from Misys was Equation's Relational database, published data model and Application Programming Interfaces that allows easy integration with peripheral applications. Also, the parameter-driven design of Equation empowers Bank of Cyprus to be self sufficient in launching new products and services to market quickly.
It was critical that Bank of Cyprus was confident that Misys Equation's future functionality and the direction of its technology roadmap were in line with the needs of the bank, as Dermot Briody, Regional Director Europe, Misys states: "We made sure that the team at Bank of Cyprus were fully up to speed with the benefits that the next version of the solution, BankFusion Equation, will bring them. They recognised the value in the direction we are taking the solution and how it will improve their operations still further as we augment the solution in future versions of BankFusion Equation."